MPs of Chamber of Sierra Leone Parliament buzzed and were in high spirit over discussion to endorse a new board member at Bank of Sierra Leone (BSL).

The Members of Parliament (MPs) on Thursday, January 30, 2025, engaged in a thorough deliberations on the nomination of Mrs. Janisa Edwina Francess Momodu (Esq.) to serve as Board Member for BSL.

The atmosphere in the Chamber of Parliament was charged with both praises and anticipations as lawmakers recognized Madam Edwina’s potential impact in shaping the nation’s financial and economic landscape.

Throughout the parliamentary session, Mrs Momodu’s impressive background in legal and financial matters took centre stage.

MPs drew attention to her extensive experience, thus emphasizing how her insights would be critical in bolstering the governance and regulatory frameworks within the Bank of Sierra Leone.

The Speaker of Parliament notably commended her distinguished career in legal practice and corporate governance, saying her comprehensive understanding of financial regulations and banking principles will serve as a guiding force towards achieving stability and fostering growth within the institution.

As the debate unfolded, discussions extended beyond her qualifications to encompass the pressing challenges that plagued Sierra Leone’s financial sector.

Several MPs voiced their concerns regarding rampant inflation, instances of financial mismanagement, and the imperative for enhanced regulatory oversight.

With a sense of urgency, they urged Mrs. Janisa Edwina Francess  Momodu to leverage her legal expertise to ensure that the Bank of Sierra Leone operated with the utmost transparency, efficiency, and accountability.

The dialogue also highlighted the essential need for the central bank to maintain its independence, nurture investors’ confidence, and develop policies aimed at sustaining economic stability.

Hon. Abdul Karim Kamara (Hon. AKK), a prominent opposition member and Chief Whip of the opposition in Parliament, acknowledged Mrs. Momodu’s appointment but took the opportunity to underscore the immense responsibility that such a role entails.

He argued that board members of this calibre must transcend mere occupancy of their positions; rather, they should take proactive stances in devising policies that yield tangible benefits for the nation.

He challenged her to align monetary policies with comprehensive national development strategies, particularly focusing on critical areas like inflation control, exchange rate stabilization, and increased financial inclusion for the average Sierra Leonean citizen.

Furthermore, the MPs collectively underscored the pressing need to elevate financial literacy among the populace, ensuring that banking services are readily accessible to all segments of society.

They lamented the struggles faced by many small and medium-sized enterprises (SMEs) due to exorbitant interest rates and restricted access to credit facilities.

With an eye toward economic empowerment, Mrs Momodu was encouraged to champion policies within her board role that would foster business growth, thereby uplifting the entire communities.

The endorsement of Mrs Momodu’s nomination represented not merely an acknowledgement of her credentials but also a testament to Parliament’s unwavering commitment to reinforcing vital financial institutions in the country.

Lawmakers expressed their firm belief that her legal acumen and leadership qualities would play a pivotal role in cultivating a more robust and accountable banking sector.

As the parliamentary session neared its conclusion, MPs reiterated their expectation that all newly appointed members, including Mrs. Momodu, would approach their duties with unwavering dedication and a profound sense of responsibility. They called upon her to engage collaboratively with her fellow board members to champion reforms that would amplify the Bank of Sierra Leone’s effectiveness in steering the economy towards sustainable, progress and prosperity.